Which are the best banks for unsecured personal loans?

20 Oct 2021 5 min read
Personal Loan: Which are the best banks for unsecured personal loans?

An unsecured personal loan helps you meet your immediate financial needs which are out of your pocket. There are 34 functioning banks in India that offer unsecured personal loans. Yet, not everyone stands to be the best. Therefore, today, in this blog, we’ll tell you about the best banks in India offering unsecured personal loans. 

Best Banks in India for Unsecured Personal Loans - 2021 

Even though, personal loans can be availed so quickly in today’s era. You can avail them without any collateral or security, the market is flooded with more than abundant moneylenders, consequently, it has become a tough deal for an individual to understand that which bank is the best bank for a personal loan to him/her. 

Therefore, today in this certain blog, we’ve come up with this certain information on the same as this is quite important so as to avoid potential debt trap by choosing the wrong lender. Let’s figure out them one after another! 

Bank Name 

Interest Rate (Onwards) 

EMI (Starting At) 

SBI 

10.50% p.a.  

Rs. 2,149 

HDFC Bank 

10.75% p.a.  

Rs. 2,162 

Bajaj Finserv 

10.99% p.a.  

Rs. 2,174 

Yes Bank 

10.99% p.a.  

Rs. 2,174 

Kotak Mahindra Bank 

11.25% p.a.  

Rs. 2,187 

  1. State Bank of India 

  • The State Bank of India extends the best personal loans for individuals in India. 
  • The bank levies just up to 1% as the processing fees. 
  • It offers several personal loan schemes such as SBI Xpress Power personal loan, SBI Xpress Credit personal loan, etc. 
  • All the salaried individuals or self-employed individuals in India alongside being the citizen of India becomes eligible to apply for these personal loans for up to Rs. 15 lakhs at the competitive interest rates starting right from 10.50% p.a. 
  • The bank offers a loan term of up to 5 years. 
  1. HDFC Bank 

  • HDFC Bank offers personal loan amounts of up to Rs. 40 lakhs with the competitive rates of interest starting right from 10.75% p.a. 
  • This leading private sector bank offers at least a loan amount of Rs. 50,000. 
  • It levies a nominal processing fee on the personal loan amount which can range up to 2.5 %. 
  1. Bajaj Finserv 

  • Bajaj Finance holds the name among the best banks for unsecured personal loans in India. 
  • The moneylender’s loan approval rate is better than others. 
  • Bajaj Finserv's personal loan eligibility criteria are also milder than other moneylenders. 
  • You can apply for Bajaj Finserv personal loan for up to Rs. 25 lakhs with appealing interest rates starting right from 12.99% p.a. 
  • The lender takes a processing fee on the loan amount of up to 3.99%. 
  • The maximum loan term that you can opt for here is 5 years. 
  1. Yes Bank 

  • Yes, Bank is another top bank in India for appealing personal loan offers for both - salaried and self-employed. 
  • The lender’s personal loan limit ranges from Rs.1 lakh to Rs. 40 lakhs with the interest rates starting from 10.99% p.a. 
  • The processing fee can range up to 2.5 % on the loan amount. 
  • The maximum loan term offered by the bank stands for 5 years. 
  1. Kotak Mahindra Bank 

  • When talking about the best banks for personal loans in India, Kotak Mahindra Bank can’t be missed. 
  • The bank extends personal loan for all the salaried and self-employed individuals who are Indian citizens. 
  • Kotak Mahindra Bank provides personal loans of up to Rs.15 lakhs with the attractive interest rate offer ranging right from 10.50% p.a. 
  • The bank levies a processing fee on the loan amount of as high as 2.50%. 
  • Kotak Mahindra Bank also offers an appealing loan term option to choose; you can choose the loan term as low as 1 year, and as maximum as 5 years. 

The Final Message 

To wrap up, now, as you know the fundamental features of the top 5 banks for unsecured personal loans in India, you can opt for the one that stands out to be the best as per your needs. In order to apply online for the best personal loan, you can simply turn around Afinoz. 

Wondering, how to do so? Well, so easy! Simply download the Afinoz instant loan app from the Google Play Store, enter your requirements, compare loan offers of different lenders, and apply accordingly. 

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